For the first time in 14 years, Florida’s average price for gasoline is above $4 a gallon. Florida gas prices raced higher last week, reaching a new record-high average price of $4.38 per gallon on Friday.
This smashed Florida’s previous record-high of $4.08 per gallon, which was set in July 2008.
Fuel prices rose rapidly after Russia invaded Ukraine. Throughout the past two weeks, the U.S. price of oil surged a total of $32 per barrel (35%), reaching a daily high of $123.70 per barrel. In turn, that raised the price of other commodities like gasoline.
Throughout the past two weeks, the state average rose a total of 90 cents per gallon. The cost to fill an average 15-gallon tank of gas is now around $65. That’s $23 more than what drivers paid this time last year.
After 7-consecutive trading days of strong gains, the price of oil finally suffered significant losses Wednesday, when the U.S. price of crude dropped $15 per barrel (12%). By week’s end, the U.S. price for oil settled 5% less than the week before.
That translates to a 16 cent swing at the pump. This oil price dip enabled gas prices to drift lower through the weekend. The average price for gasoline on Sunday was $4.35 per gallon, according to AAA.
“The surge in fuel prices was driven by global supply concerns, as sanctions and regulations against Russia has limited the world’s 3rd-largest oil producer from moving its oil in the market,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “After 7-consecutive trading days, that upward momentum finally came to a halt last week. Prices moved lower on reports that the U.S. and other countries were examining ways to increase global fuel supplies. Regardless of this, fuel prices remain extremely volatile right now, so it’s hard to know what drivers should expect next month, let alone next week.”
Florida Gas Prices are:
- $4.35 per gallon (Sunday)
- Up 87 cents since Russia invaded Ukraine
- Up $1.16 per gallon since January 1, 2022
- Up $2.16 per gallon since January 1, 2021
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